TotalEnergies gets $1.8 billion from BlackRock’s GIP for African infrastructure

TotalEnergies, has secured $1.8 billion from Global Infrastructure Partners (GIP), the infrastructure investment platform of BlackRock, in a deal tied to some of the French energy giant’s oil and gas infrastructure assets in Africa.

Under the agreement, GIP will provide the capital contribution, while TotalEnergies will pay GIP a throughput-based tariff for up to 15 years. The companies did not disclose the specific assets or African countries covered by the partnership.

Jean-Pierre Sbraire, TotalEnergies’ chief financial officer, said the agreement strengthens the relationship with GIP and “crystallizes the value” of some of the company’s midstream infrastructure assets in Africa.

The transaction gives TotalEnergies another mechanism to monetize infrastructure while retaining access to facilities needed for its operations.

TotalEnergies and GIP expand partnership

The agreement builds on a relationship that began in 2021, when GIP provided more than $750 million in a transaction involving the downstream facilities of TotalEnergies’ Gladstone LNG project in Australia.

Under that arrangement, GIP received a throughput-based tolling fee over 15 years, while TotalEnergies retained full control and ownership of its 27.5% interest in the Gladstone LNG Downstream Joint Venture. TotalEnergies said the transaction helped monetize infrastructure assets and focus capital on core producing assets.

The new African agreement has not been described as an ownership transfer, and TotalEnergies has not disclosed whether its structure will mirror the Australian transaction.

BlackRock brings infrastructure firepower

BlackRock completed its acquisition of GIP in October 2024, combining the infrastructure investor with BlackRock’s global investment platform. GIP operates as a part of BlackRock and manages infrastructure investments across energy, transport, digital infrastructure and other sectors.

For TotalEnergies, the African deal adds another source of capital for its infrastructure portfolio while extending its relationship with one of the world’s largest infrastructure investment platforms.

TotalEnergies operates in about 120 countries and has more than 100,000 employees, spanning oil and biofuels, natural gas, biogas, low-carbon hydrogen, renewables and electricity.